Edgewater

• This is the softest new-luxury market in Miami right now, and that is the opportunity. Months of supply across much of Edgewater sits in the 12 to 20-plus month range against a six-month balanced-market line, and closings are landing roughly 5% to 12% below asking.
• Top-tier pricing has come off the peak. The best product traded at $1,500–$1,600 per square foot in 2022–23. In 2026 the same tier is transacting at roughly $1,200–$1,350, with broader inventory at $900–$1,000.
• The blended number is much lower, and that confuses people. Across all Edgewater condo stock the median sits near $700,000 at about $640 per square foot — because the neighbourhood still contains a great deal of 2000s-era inventory alongside the new towers.
• Listings sit. Time on market has stretched to roughly 120 to 240 days, and in some buildings 40% to 50% of listings have cut price after launch.
• The pipeline has not stopped. Eight significant projects are under construction, approved or in planning, including Edge House at 55-plus storeys and over 590 units. More supply is coming into an already long market.

Where Edgewater actually is, and why it got built

Edgewater runs along Biscayne Bay between Downtown Miami and the Design District, bounded by Biscayne Boulevard to the west and the water to the east. Wynwood and Midtown are immediately inland; Miami Beach is roughly ten minutes over the causeway.

For most of its history it was low-rise and overlooked. What changed is simple: it is one of the very few places in central Miami with a continuous stretch of buildable bayfront. Almost every tower here has a direct water view, which is why developers moved in hard from 2014 onward and have not really stopped.

That single fact — bayfront supply that Brickell and Downtown do not have — explains both the boom and the current oversupply.

The 2026 market, measured honestly

Edgewater is behaving like a buyer’s market by every conventional measure, and it is worth being precise about what that means.

Supply. Months of supply across many segments has risen into the 12 to 20-plus month range. Six months is the conventional dividing line. Edgewater is at two to three times that.

Time. Listings are taking roughly 120 to 240 days to transact, with some exceeding that. A year ago the same units moved considerably faster.

Discipline. In certain buildings, 40% to 50% of listings have reduced their asking price after initial exposure. Most closings are occurring at 5% to 12% below ask.

Where the liquidity actually is. Transactions are concentrated between roughly $900,000 and $2.2 million. Above that band, the buyer pool thins quickly and holding periods lengthen.

None of this indicates distress. It indicates a market that absorbed an enormous volume of new delivery in a short window and is now working through it — with more towers still to come.

Two price tables, and why the gap matters

You will see two very different numbers quoted for Edgewater, and both are accurate.

The blended figure — a median around $700,000 at roughly $640 per square foot — covers everything, including the mid-2000s stock along Biscayne Boulevard. The new-luxury figure — $900 to $1,350 per square foot depending on tier and floor — covers the bayfront towers people usually mean when they say “Edgewater.”

If you are shopping the new towers and anchoring on $640 a foot, every listing will look overpriced and you will make no offers. If you are shopping a 2007 building and anchoring on $1,300 a foot, you will overpay. Establish which market you are in before you look at a single unit.

The buildings, by tier

Asking ranges below are drawn from a February–March 2026 market report; treat them as orientation, not as live pricing.

• Aria on the Bay — one of the broadest entry points in the neighbourhood, with asking prices running from roughly $400,000 to $2.6 million.
• Paraiso Bay, One Paraiso, Gran Paraiso and Biscayne Beach — the Related Group’s Paraiso district and its neighbours, generally mid-$600,000s to close to $5 million.
• Missoni Baia — a wide spread, roughly $0.5 million to $9 million, with the upper end genuinely competing at the top of the market.
• Elysee Miami — a smaller, more private tower, roughly $1.3 million to $6.25 million.
• Aria Reserve — the Melo Group’s two-tower, 62-storey project, roughly $1.3 million to $4.2 million, with completion expected around 2026. A penthouse resale in this building has been quoted at about $1,375 per square foot.
• Villa Miami — 72 residences at 710 NE 29th Street from Terra and Major Food Group, under construction, starting around $5 million. This is the top of the neighbourhood.
• EDITION Residences Edgewater — 185 residences across 55 storeys at 2121 N Bayshore Drive from Two Roads Development, starting around $2 million.

Older 2000s-era buildings — Quantum on the Bay, Opera Tower, Bay House, 23 Biscayne Bay and others — sit well below these numbers and are a genuinely different proposition. They carry the same considerations any older Miami condominium does, covered further down this page.

What is still being built

This is the part most buyers underweight. Edgewater’s supply story is not finished.

• Edge House — more than 55 storeys and over 590 units from Grupo T and C, designed by Kobi Karp. In planning. By unit count this is the single largest thing on the list.
• Cove Miami — 40 storeys, 116 to 134 units at 456 NE 29th Street, targeting 2027 delivery. Details here.
• ELLE Residences Miami — 26 storeys, 189 units at 3618 NE 5th Avenue, planned for 2027.
• HQ Residences Miami — 422 NE 29th Street, from Black Salmon, The Boschetti Group and Constellation Group with Arquitectonica. Groundbreaking expected in the third quarter of 2026.
• Vida Residences — a smaller 9-storey project at 410 NE 35th Terrace, in planning.

Add EDITION Residences and the remainder of Aria Reserve and you have several thousand units arriving into a market already running 12 to 20 months of supply. That is the single most important thing to understand before buying here.

It is not an argument against Edgewater. It is an argument for buying the right building at the right basis, and for reading the wider Miami pre-construction pipeline before you commit.

Every building in Edgewater

Edgewater is the densest concentration of new bayfront towers anywhere in Miami, and the buildings vary far more than the marketing suggests. Below is every Edgewater building with a page on this site.

What to check before you buy in Edgewater

• Which side of the delivery wave your building is on. A tower that has already absorbed its closings behaves very differently from one still selling into a soft market with a competitor rising next door.
• The view, in person, from the actual unit. “Bay view” in Edgewater is a moving target. Several approved projects will build out sightlines that are currently open. Ask what is entitled on the parcels between your unit and the water.
• Warrantability, on anything older. Fannie Mae and Freddie Mac maintain a non-public list of condominium projects they will not lend against, and the South Florida count has roughly doubled in two years. Limited Review — the shortcut letting a lender approve a unit without fully assessing the building — was eliminated on 3 August 2026. Units in ineligible buildings routinely trade 15% to 30% below comparable units in eligible ones. The full explanation sits on the Miami condos for sale page.
• Milestone inspection and reserve funding on the 2000s-era stock. Associations that had waived reserves were required to begin funding them from 1 January 2026.
• Rental rules, if that is the plan. Edgewater condo rentals start around $2,100 a month with luxury units averaging near $6,500 — but short-term rules vary building by building, and the difference decides your yield.

Who Edgewater suits

It suits a buyer who wants a genuinely new bayfront tower with real amenities and does not want to pay Brickell or South Beach pricing for it — and who has the patience to negotiate in a market where the seller has fewer alternatives than usual.

It suits investors focused on the $900,000 to $2.2 million band, where the actual liquidity is.

It does not suit someone who needs to sell inside two or three years. With this much supply still arriving, a short hold is the one strategy the numbers argue against.

If you want a market with the opposite characteristics — no development pipeline, permanently capped supply — Key Biscayne is the direct contrast. If you want the density and walkability without the bayfront premium, look at Brickell and Downtown.

How I would play it

Edgewater in 2026 is the clearest example on this site of a market where the headline is negative and the opportunity is real. Twelve to twenty months of supply is not a reason to stay away. It is a reason to be specific: the right building, the right stack, the right basis, and a seller who has already been on the market a hundred and eighty days.

I have been selling Miami real estate since 2002 and have closed more than a billion dollars in property. Tell me your budget and your holding period and I will tell you plainly which two or three Edgewater buildings are worth your time — and which ones I would leave alone until the pipeline clears.

Get in touch, or read more about how I work. The Miami neighbourhoods map covers the alternatives.

Sources

• Edgewater Real Estate Market Report 2026, dated 11 March 2026 referencing February 2026 conditions: blended median, price per square foot, rental figures and building asking ranges.
• Florida YIMBY — major residential developments advancing in Edgewater, December 2025: project addresses, storeys, unit counts, developers and status.